05-14-2012, 11:26 AM
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Choice is an Illusion
Industry Role:
Join Date: Feb 2005
Location: Land of Obama
Posts: 42,635
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Facebook Co-Founder: America is OK. It?s the Rules That Are a Pain
Quote:
Eduardo Saverin, the Facebook co-founder who gave up his U.S. citizenship, has nothing against the U.S., just its complicated rules on U.S. citizens holding money overseas, a spokesman said.
Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he?s aiming to save on taxes. Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term.
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Enough Said. 
"Would you rather live like a king for a year or like a prince forever?"
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